3909 Memphis Avenue, Cleveland, OH 44109

Property Description

Turnkey FURNISHED duplex in Old Brooklyn, fully leased and ready for immediate cash flow. Inspection report available under supplements. The lower unit is leased at $1,600 per month and is currently month to month, offering flexibility for a future owner. The upper unit is leased as a furnished midterm rental at $1,700 per month on a 3 month lease with the option to extend monthly. Current gross rental income is $3,300 per month. Seller reports average utility costs of approximately $625 per month, leaving an estimated $2,675 per month before mortgage payments to help offset principal, interest, taxes, and insurance. Fully furnished and located minutes from MetroHealth Main Campus, this property previously operated as a successful Airbnb and can easily transition back to short term rentals to maximize income if desired. Extensive renovations include new flooring, windows, kitchens, bathrooms, drywall, insulation, trim, doors, and appliances. Features include central air, secure entry with automated locks, private owner supply closets, and a security system with video doorbell and remote access. The upper unit offers a flexible bonus space that could be enclosed for additional value. A concrete pad is already in place for a future garage. All furnishings are included at the current list price. Conveniently located near MetroHealth, the Cleveland Metroparks Zoo, Brookside Reservation, and downtown Cleveland.